The activity on cashews remains surprisingly strong and we cannot really talk about the dull-season yet for this commodity. Rather attractive prices and for European buyers favourable exchange rates are two good reasons for the activity. Even though these factors are positive and bookings plentiful, there is still a certain reluctance to book too far out due to concerns on consumption later during the year. From a supply point of view last week was also interesting as a big chunk (150.000 mton) of Ivory Coast product has been bought, which should take care of the expected shortage on RCN. The price paid for this product however is not at parity with the current kernel level so it will be interesting to see how this further develops. The first response was an increase in prices and lesser product being offered especially by the toppackers. It now seems that it was short-lived, but there is still no balance in the market between RCN and kernel. As such our recommendation remains unchanged to make sure you have a healthy cover.